After their statement last week that merger discussions were ongoing, Royal London has announced today that discussions have ended with regards to a possible merger with fellow mutual LV=.
On 10th December 2021, Royal London issued a statement outlining its belief that it could offer an attractive future for the members of LV= as part of a growing and well-capitalised mutual. However today’s statement from Royal London confirms that discussions between the group and LV= on the potential for a mutual merger have ceased.
Barry O’Dwyer, Group Chief Executive of Royal London, said:
“Mutuals are owned by their customers and are run for their benefit.
“Our offer to preserve LV=‘s mutuality through a merger with Royal London was based on an understanding that LV= did not have a viable future as an independent company.
“For Royal London’s customers and members, nothing changes. We remain committed to delivering great value products, backed up by market-leading customer service. We look forward to sharing a substantial level of profits with our eligible customers in April, as we normally do.”